BTCS Inc. (BTCS) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 14, 2026

Risk Assessment Details

Potential Dilution: 738.75% of current shares
Recent Dilution: 161.38% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
48M
Potential Supply
360M
Additional shares possible
Splits
None
Past 2 years

Summary

BTCS currently has 48.2M outstanding shares. with significant dilution risk as 356M authorized shares could dilute existing holders by 738.8%. The company has significantly diluted shareholders by 161.38% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 14, 2026

10-Q filing | 48.2M shares outstanding

48M 360M
Mar 26, 2026

10-K filing | 49.8M shares outstanding

50M 350M
Nov 13, 2025

10-Q filing | 44.2M shares outstanding

44M 360M
Aug 13, 2025

10-Q filing | 48.1M shares outstanding

48M 360M
Jul 29, 2025

S-3 filing: BTCS Inc. intends to offer and sell from time to time common stock, preferred stock, warrants and units, with the total offering price not to exceed $2,000,000,000.

41M 360M
Jul 28, 2025

8-K filing: BTCS Inc. closed an offering of convertible notes and warrants, issuing $10,050,000 in notes and warrants exercisable for 879,375 shares at $8.00 per share to accredited investors.

20M 0
Jul 21, 2025

8-K filing: BTCS Inc. entered into a Securities Purchase Agreement to issue convertible notes and warrants to accredited investors for a total purchase price of $9,547,500, with a trust associated with the Company's Chairman and CEO also participating in the offering.

20M 0
Jul 14, 2025

8-K filing: The Company sold 9,588,333 shares of Common Stock under the ATM with H.C. Wainwright & Co., LLC, for aggregate total gross proceeds of approximately $37,834,000 at an average selling price of $3.95 per share. ($37.83M proceeds)

20M 0
May 15, 2025

10-Q filing | 20.0M shares outstanding

20M 0
May 14, 2025

8-K filing: BTCS Inc. issued 5% Original Issue Discount Senior Secured Convertible Notes in an aggregate principal amount of $7,810,526 for a purchase price of $7,420,000 and also agreed to issue 1,901,916 warrants exercisable at $2.75 per share.

20M 0
Mar 20, 2025

10-K filing | 20.1M shares outstanding

20M 0
Nov 13, 2024

10-Q filing | 16.2M shares outstanding

16M 0
Sep 25, 2024

S-3/A filing: BTCS Inc. intends to offer and sell common stock and preferred stock with a total offering price not exceeding $250,000,000.

16M 0
Aug 19, 2024

10-Q filing | 15.8M shares outstanding

16M 0
May 14, 2024

10-Q filing | 15.7M shares outstanding

16M 0
Mar 21, 2024

10-K filing | 15.7M shares outstanding

16M 0
Feb 14, 2024

S-3 filing: BTCS Inc. intends to offer and sell securities, including common stock, preferred stock, and warrants, from time to time, with a total offering price not exceeding $250,000,000.

14M 0
Nov 09, 2023

10-Q filing | 14.3M shares outstanding

14M 0
Aug 11, 2023

10-Q filing | 13.9M shares outstanding

14M 0
May 12, 2023

10-Q filing | 13.7M shares outstanding

14M 0
Mar 31, 2023

10-K filing | 12.7M shares outstanding

13M 0
Jan 31, 2023

8-K filing: The Company filed a Certificate of Designation designating 19.5 million shares of Series V preferred stock, convertible into common stock under certain conditions, with redemption rights and other limitations.

13M 0
Nov 10, 2022

10-Q filing | 13.0M shares outstanding

13M 0
Aug 11, 2022

10-Q filing | 12.6M shares outstanding

13M 0
May 13, 2022

10-Q filing | 12.2M shares outstanding

12M 0
Mar 11, 2022

10-K filing | 12.5M shares outstanding

13M 0
Nov 09, 2021

10-Q filing | 10.3M shares outstanding

10M 540K
Sep 14, 2021

8-K filing: BTCS Inc. entered into an At-The-Market Offering Agreement with H.C. Wainwright & Co., LLC to potentially sell up to $98,767,500 of its common stock, and Series C-2 Preferred Stock automatically converted into 4,011,766 shares of common stock.

5.7M 5.1M
Aug 13, 2021
Stock Split

8-K filing: Stock split 1-for-10 | Outstanding: 57,123,458 → 5,712,345

5.7M 5.1M
Aug 06, 2021

10-Q filing | 57.1M shares outstanding

57M 51M
May 13, 2021

10-Q filing | 57.1M shares outstanding

57M 51M
Mar 04, 2021

8-K filing: BTCS Inc. entered into a securities purchase agreement to sell 9,500,000 shares of common stock at $1.00 per share and warrants to purchase 7,125,000 shares at $1.15 per share in a registered direct offering, with gross proceeds expected to be $9.5 million. ($9.5M proceeds)

20M 88M
Jan 28, 2021

S-3 filing: BTCS Inc. intends to offer and sell common stock, preferred stock, warrants to purchase common stock, and units consisting of any combination of the foregoing securities, having an aggregate maximum offering price of $100,000,000.

20M 88M
Jan 28, 2021

S-1 filing: This filing discusses subsequent events including the issuance of Series C-2 Convertible Preferred Stock, grants of performance-based awards, issuance of common stock for investor relations, and a promissory note and warrant issuance.

20M 88M
Jan 26, 2021

10-K filing | 19.8M shares outstanding

20M 9M
Jan 06, 2021

8-K filing: BTCS Inc. received $1,100,000 from directors and executive officers and issued 1,100,000 shares of Series C-2 Convertible Preferred Stock. ($1.1M proceeds)

20M 9M
Jan 04, 2021

8-K filing: BTCS Inc. issued 1,100,000 shares of Series C-2 Convertible Preferred Stock to directors and executive officers for $1,100,000 at $1.00 per share. ($1.1M proceeds)

20M 9M
Nov 04, 2020

10-Q filing | 19.8M shares outstanding

20M 9M
Aug 05, 2020

10-Q filing | 19.8M shares outstanding

20M 9M
Jun 22, 2020

S-1 filing: This prospectus relates to the sale of up to 9,045,000 shares of our common stock which may be offered by the selling stockholder, Cavalry Fund I, LP.

27M 1.5M
May 11, 2020

10-Q filing | 19.8M shares outstanding

20M 0
Mar 23, 2020

10-K filing | 12.5M shares outstanding

13M 0
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